once we have a world where no one is compelled to participate in capital markets, people without information to contribute should not do especially well if they choose to add noise. 1/

they shouldn’t be “crushed” — we should regulate securities so they’re not frauds and so on average they’re reasonably priced. 2/

but this kind of punter should underperform, to the profit of better informed participants. unless they enjoy the gambling aspect, should come to realize they’d prefer more reliable, low information savings vehicles. /fin